Sharia Financial Assets Increase 12.9 Percent To Reach IDR 2,742 Trillion Until August 2024

Rupiah (Photo: Antara)

JAKARTA - The Financial Services Authority noted that the total assets of the Islamic finance industry reached IDR 2,742 trillion as of August 2024.

"The Islamic financial industry has made a fairly good performance, total assets of around Rp2,742 trillion as of August 2024," said Deputy Chairman of the OJK Board of Commissioners Mirza Adityaswara quoting Antara.

He stated that this achievement increased 12.9 percent from total assets in the previous year (year-on-year/yoy).

In detail, he said that the figure consisted of assets in the Islamic banking sector worth Rp902 trillion, assets in the non-sharia financial industry sector amounting to Rp163 trillion, and assets in the Islamic capital market sector amounting to Rp1,676 trillion.

To optimize the value of Islamic financial industry assets, Mirza said that his party is now also trying to encourage the development of digital finance and sharia-based crypto assets.

"In the field of technological innovation in the financial sector (ITSK), digital financial assets and crypto assets are new fields in the OJK that are not only developed in the implementation of conventional financial sector technological innovations but also the implementation of Islamic ITSK," he said.

He said that according to the 2023/2024 Global Islamic Fintech Report, Indonesia was ranked third out of 81 countries as the strongest sharia economic system after Malaysia and Saudi Arabia.

Seeing this achievement, his party is optimistic that the development of a sharia-based financial technology (fintech) ecosystem can support the strengthening of the national digital economy.

A further formation of the sharia fintech ecosystem also plays a significant role in supporting the development of the implementation of sharia ITSK," Mirza added.

The total assets of the Islamic finance industry of IDR 2,742 trillion in August 2024 were recorded to have decreased from the total assets of the Islamic finance industry reported by the OJK of IDR 2,756 trillion as of June 2024.